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Exhibit 99.1
LONE STAR TECHNOLOGIES, INC. NEWS RELEASE
CONTACT: CHARLES J. KESZLER
(972) 770-6495
Fax: (972) 770-6471
FOR IMMEDIATE RELEASE
July 11, 2000
LONE STAR TECHNOLOGIES, INC. FILES REGISTRATION STATEMENT
FOR PUBLIC OFFERING OF 3,750,000 SHARES OF COMMON STOCK
Dallas, TX, July 11, 2000 - Lone Star Technologies, Inc. (Lone Star), NYSE:
LSS, today announced that it has filed a registration statement with the
Securities and Exchange Commission for an offering of 3,750,000 shares of its
common stock. Bear, Stearns & Co. Inc. is acting as lead manager and Banc of
America Securities LLC, Dain Rauscher Wessels and The Robinson-Humphrey
Company are acting as co-managers.
Net proceeds of the offering will be used to repay a substantial
portion of Lone Star's indebtedness, including indebtedness relating to Lone
Star's recent acquisitions; to acquire other businesses and to fund
development of new products; to fund capital expenditures to enhance
productivity; and to provide funds for general corporate purposes.
Of the shares being offered, 3,000,000 are being offered by Lone Star
and 750,000 shares are being offered by a selling shareholder. Proceeds from
the sale of stock by the selling stockholder will be paid directly to the
selling stockholder. Lone Star and the selling stockholder have granted the
underwriters an option to purchase up to an additional 562,500 shares to
cover any over-allotments.
Lone Star Technologies, Inc. is a holding company whose principal
operating subsidiaries manufacture and market oilfield casing, tubing, and
line pipe, specialty tubing products, including finned tubes used in a
variety of heat recovery applications, and flat rolled steel and other
tubular products and services.
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or jurisdiction
in which the offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
jurisdiction.
When publicly available, copies of the preliminary prospectus
relating to this offering may be obtained by fax to Bear, Stearns & Co. Inc.
at (516) 254-7140.
